Mr. Samih Onsi Sawiris (5th from left), Mr. Sung min Hong, CEO of S-Energy Co., Ltd (5th from right)
- Establishment of PV module production plant with 200MW annual capacity in the El Gouna area of Egypt
- Another expansion into emerging solar energy markets such as the Africa and Middle East.
It is predicted that S-Energy Co., Ltd. will set up production facilities in El Gouna, Egypt and expand its presence in emerging markets such as Africa and the Middle East.
S-Energy, Korean new renewable energy group (KOSDAQ 095910, CEO Sung-Min, Hong), announced that it has signed a contract with Mr. Samih Sawiris (hereinafter referred to as Mr. Sawiris), the Egyptian businessman, to set up a joint venture for the production and sale of PV modules on 12nd March.
The contract was signed at the headquarters of S-Energy located in Pangyo, Republic of Korea, where Sung-Min Hong, CEO of S-Energy, and Mr. Sawiris, attended and discussed future business directions to enter the emerging markets for solar energy including Africa and Middle East.
The two companies plan to set up a PV module production plant with annual capacity of 200MW in El Gouna, Egypt, starting to supply mass-production products from the end of this year, and to diversify supply channels from the existing U.S. and European markets to the Middle East and Africa.
"We will not only strengthen our competitiveness and accessibility to existing markets through our collaboration with Mr. Sawiris, but will also approach to various energy business models, including solar energy, to promote diversification and new business opportunities, taking Africa and the Middle East as our business hub, which is expected to be the center of the solar industry in the future" said an official of S-Energy.
(Source: S-energy)